6) You are contributing money to an investment account so that you can purchase a house...
1. You are contributing money to an investment account so that you can purchase a house in five years. You plan to contribute six payments of $3,000 a year. The first payment will be made today and the final payment will be made five years from now. If you earn 11 percent in your investment account, how much money will you have in the account five years from now? Erika just put $10,000 into a new savings account, and she...
You plan build a sunroom on to your house in 6 months. You will pay for the sunroom in 3 installments of $10,000 each. The first payment is seven months from now and the other two payments are eight and nine months from now. If your investments earn 5% APR, compounded monthly, how much must you invest today to cover the cost of the sunroom?
You plan to buy a house in 8 years. You want to save money for a down payment on the new house. You are able to place $455 every month at the end of the month into a savings account at an annual rate of 10.91 percent, compounded monthly. How much money will be in the account after you made the last payment
You plan to buy a house in 5 years. You want to save money for a down payment on the new house. You are able to place $319 every month at the end of the month into a savings account at an annual rate of 8.30 percent, compounded monthly. How much money will be in the account after you made the last payment? Round the answer to two decimal places.
You plan to buy a house in 7 years. You want to save money for a down payment on the new house. You are able to place $296 every month at the end of the month into a savings account at an annual rate of 11.69 percent, compounded monthly. How much money will be in the account after you made the last payment? Round the answer to two decimal places.
8-One year from now, you deposit $300 in a savings account. You deposit $1,800 the next year. Then you wait two more years (until 4 years from now) and deposit $1,000. If your account always earns 6% annual interest and you make no withdrawals, how much will be in the account 11 years from now? 9-You deposit $5000 for 5 years at 4% annual interest. In 5 years, you add $15,000 to your account, but the rate on your account...
Q1. You purchase a house for $750,000, you are able to make a down payment constituting 1/3 of the cost of the house and take a mortgage to cover the rest. The mortgage you negotiate with the bank is a 30 year, 5% mortgage compounded semi-annually, and you make monthly mortgage payments. a) Under these terms, what is your monthly mortgage payment? b) Assuming that you can only afford monthly payments of $2500. Given the same rate above (5% mortgage...
Suppose you want to save $50,000 as a down payment to purchase a house in 7 years. You plan on saving money at the beginning of each month starting today. If you can earn 3.60% APR on your investment over the time frame, how much must you save each month to reach your goal?
9.) You have an investment account that started with $4 comma 000 10 years ago and which now has grown to $8 comma 000. a. What annual rate of return have you earned (you have made no additional contributions to the account)? b. If the investment account earns 15 % per year from now on, what will the account's value be 10 years from now? a. What annual rate of return have you earned (you have made no additional contributions...
1. In order to accumulate enough money for a down payment on a house, a couple deposits $507 per month into an account paying 3% compounded monthly. If payments are made at the end of each period, how much money will be in the account in 5 years? 2. A company estimates that it will need $125,000 in 16 years to replace a computer. If it establishes a sinking fund by making fixed monthly payments into an account paying 3.3%...